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Lukoil may attract financing in South Korea for projects in Uzbekistan

June 22, 7:44 UTC+3 MOSCOW
According to him, the total value of the contract is $2 billion but it has not been defined yet what part of this amount can be financed
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MOSCOW, June 22. /TASS/. Russian oil major Lukoil continues talks with South Korean agencies about possible fundraising for projects in Uzbekistan, the company’s vice-president Alexander Matytsyn told reporters.

According to him, the total value of the contract is $2 billion but it has not been defined yet what part of this amount can be financed.

"The work is underway with the South Korean export credit agency, it may be quasi project funding, so as not to distract the company's resources," he said.

Matytsyn added that the provisions the agreement regarding the production sharing were improved, which increased its profitability, so they don’t expect any problems with funding.

He said that the conditions for attracting loans in Asian banks are not less attractive than in Europe and America and Lukoil may use them.

Since 2004, Lukoil together with the Uzbekneftegaz company has been developing the Kandym project The Kandym group includes six gas condensate fields: Kandym, Kuvachi-Alat, Akkum, Parsankul, Khoji and Western Khoji.

Top management of Lukoil already reported that Chinese companies are interested in buying 30% of the Kandym project.

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